Opinions
Andrew Moffs
American Homes 4 Rent
AMH-N
PAST TOP PICK
Mar 30, 2021
(A Top Pick Apr 30/20, Up 40%) It bounced sharply off the bottom. It's one of the biggest U.S. single-family rental operators. The CAP rate is 4.4%, in line with U.S. apartment operators. Single-family operators should be at a lower CAP rate (or higher value). This is a great business with super earnings growth. He sees 10% growth this year. He likes their business model, which builds its own homes and does so with added efficiencies.
$33.660
Stock price when the opinion was issued
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It rents out over 58 000 single family homes across the U.S. It is unique in that it has its own in-house development pipeline. It can add another 15000 homes on lots that they own or have options on. Their homes are similar quality to ones you could buy from a developer. Has attractive internal rent growth as well as external growth. Trades at a 17% discount to its share value and is a very defensive investment.
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